Despite saying the “world is changing”, the Chancellor, Rachel Reeves, today just tinkered with fiscal policy. This left the impression that bigger changes lie ahead. Indeed, the pressure to raise both defence and other spending is only likely to grow. And with the markets seemingly uneasy about more public borrowing, further tax rises are starting to feel inevitable.
We will be discussing what today’s fiscal event means for the economy and financial markets in a 20-minute online Drop-In at 3pm GMT today (register here) and publishing more detailed analysis later today.
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